UBS has revealed it is to make changes to its bank client charging policy before the end of the year.
The major European bank released a statement this morning (11 December) in which it unveiled plans to impose fees on third-party financier customers holding Swiss franc clearing accounts as of next Friday (21 December).
According to the company, the decision to change its system of issuing charges to only selected clients - which has been in place since last August - has been made due to "prevailing market conditions".
"The charge applied will be communicated individually to clients within the next few days and we encourage customers to keep their Swiss franc balances as low as possible," UBS noted.
Last week, insiders with knowledge of the matter informed the New York Times that the bank could finalize its penalties with regulators on both sides of the Atlantic before the start of 2013.
By Tony Aynsley
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